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Mixed Opec Messages Add To Price Volatility As Output Hits New Record
...Jan-Aug‘16 v Jan-Aug‘15 Jan-Aug‘15 2015 2014 Saudi Arabia*^ 10...
Volume: 59Issue: 36Published at Fri, 09 Sep 2016 -
Asian Importers Increase Gulf Crude Addiction
...recent years has gone into reverse since the start of 2016. For Japan and South Korea, imports from the Gulf rose above 85% of their total in the second quarter this year; for India the total hit 65% in Q2 having fallen below 60% in 2014 (see chart, and p16 for full Indian import data). IE...
Volume: 59Issue: 35Published at Fri, 02 Sep 2016 -
US Data: Reading The Runes
...oks very modest when set aside the peak rig count of 1,609 hit in October 2014 (see chart 1). On the back of this increased drilling there are initial indications that US crude output may finally be close to bottoming out. Latest provisional US production data show crude output falling by a fu...
Volume: 59Issue: 34Published at Fri, 26 Aug 2016 -
Opec Output Hits New Record In July As Prices Tumble
...y16 Jul16 v15 YTD 16 v YTD 15 YTD 15 2015 2014 S Ar...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
Opec Winning Back Market Share in Key Asian Markets
...16. However, while the importance of the Asian market for Opec has been growing, Opec’s importance to the region has been falling. IGA and Opec data shows that in 2011, 65.5% of Asia’s oil imports came from Opec, but this fell to 61.2% in 2014 and just 60.1% last year. But Opec’s Saudi-driven strategy to...
Volume: 59Issue: 30Published at Fri, 29 Jul 2016 -
A Tale Of Two OPECs: GCC Drills For The Future, Periphery Slashes Spending
...nths since then Saudi oil minister Ali Naimi told MEES that his country was committed to a policy of maximizing market share for “highly-efficient…low-cost” producers, however long this took – “two years, three years, God knows” – and whatever the effect on oil prices (MEES, 18 December 2014). De...
Volume: 59Issue: 28Published at Fri, 15 Jul 2016 -
OPEC Drilling By The Numbers: ‘Annual Wells Drilled’ From OPEC’S 2016 Statistical Bulletin
...lls % 2014 2013 S. Arabia 616 +78 +14.5 538 42...
Volume: 59Issue: 28Published at Fri, 15 Jul 2016 -
Opec On Track For Record Annual Output Despite Unplanned Outages
...eaking lows (MEES, 1 July). OPEC WELLHEAD PRODUCTION, June 2016 (MN B/D, MEES ESTIMATES) June '16 vs May'16 vs Jun '15 May '16 Apr '16 1H16 vs 1H15 1H15 2015 2014 S Ar...
Volume: 59Issue: 27Published at Fri, 08 Jul 2016 -
Opec Revenues Set To Fall Further In 2016
...PORT REVENUES AT 10-MonTH HIGH DESPITE LOWER VOLUMES AS PRICES EDGE ABOVE $40/B FEDERALLY-CONTROLLED EXPORTS ONLY. SOURCE: IRAQ OIL MINISTRY, MEES EST. BAD TIMES TAKE THEIR TOLL The end of high prices in 2014 has exposed divisions within Opec with its weaker members in...
Volume: 59Issue: 26Published at Fri, 01 Jul 2016 -
Will Venezuela Join Libya & Nigeria In OPEC's ‘Long-Term Outage’ Club?
...ES, 10 June). Baker Hughes’ latest US rig count offers signs of hope. At 337, the number of active oil rigs remains almost 80% down on its October 2014 peak, but the number has risen in each of the past three weeks (see chart p16). Schlumberger’s Mr Schorn is cautiously optimistic. “Rig count le...
Volume: 59Issue: 25Published at Fri, 24 Jun 2016 -
OPEC May Production Drops Despite Saudi And Iran Increases
...rt. OPEC WELLHEAD PRODUCTION, May 2016 (MN B/D, MEES ESTIMATES) May '16 chg Apr '16 Mar '16 May 16 v 15 Jan-May'16 v J-M15 Jan-May'15 2015 2014 S Arabia* 10.2 0....
Volume: 59Issue: 23Published at Fri, 10 Jun 2016 -
US Imports More Gulf Opec Crude As Production Continues To Fall
...lumes from Iraq in May. Iraq supplied the US with 506,000 b/d of crude according to weekly data from the US government’s Energy Information Administration (EIA), the highest amount since August 2014. Iraq exported a record-equaling 3.36mn b/d of Basra Light crude in April with not just the US, but also In...
Volume: 59Issue: 23Published at Fri, 10 Jun 2016 -
Opec: Fit For Purpose? What Purpose Is That Exactly?
...porters on 2 June ahead of the meeting that the recent price rise “has proven that Opec’s strategy since 2014, which was criticized, has been working well and it seems the trend is towards stabilizing markets.” If the price gains since the Doha meeting hadn’t sufficiently dispelled any notion of an ou...
Volume: 59Issue: 22Published at Fri, 03 Jun 2016 -
Saudi Asian Market Share Under Threat: Mees Data Analysis
...0 B/D): RUSSIA TOPS SAUDI AS leading SUPPLIER IN FOUR OF LAST SIX MONTHS. IS THIS A PERMANENT SHIFT? FOR SOUTH KOREA SAUDI ARABIA HAS HAD ITS SHARE SQUEEZED BY IRAQ (UP 220,000 B/D SINCE 2014) AND IRAN (UP 120,000 B/D) FOR TAIWAN KUWAIT MADE SERIOUS INROADS INTO THE SAUDI MA...
Volume: 59Issue: 21Published at Fri, 27 May 2016 -
Iraqi Crude Export Volumes Approach Record Highs
...e highest since November at 431,000 b/d. Meanwhile, levels of direct crude burn for electricity generation fell to the lowest level since March 2014. Moreover, the 109,000 b/d was just 2.5% of overall production last March, the lowest in percentage terms since May 2013. However, the average Q1 di...
Volume: 59Issue: 18Published at Fri, 06 May 2016 -
Upstream Investment Slump Presages Output Crunch, Oil Chiefs Warn
...A lack of investment in energy projects due to the sustained drop in oil prices since 2014 means the market is storing up an oil price shock for the future, according to speakers at the 17th International Oil summit in Paris on 21 April. The natural decline in oil reserves and the drop in in...
Volume: 59Issue: 17Published at Fri, 29 Apr 2016 -
Crude Price Gains Further Reduce Incentive For Output Freeze
...rticipated in the November 2014 meeting when the market-share strategy was adopted - Indonesia is therefore excluded as it only rejoined in 2016. Based on average Q1 2016 prices and production, the group’s export earnings slump by 36% on 2015, which itself was down an eye watering 49% on the previous ye...
Volume: 59Issue: 16Published at Fri, 22 Apr 2016 -
Oil Market Inches Towards Balance, With Or Without Deal
...0,000 b/d on a year earlier (April 2015 marked the peak at 9.69), and the lowest since September 2014 (see p18). IEA SUPPLY & DEMAND FORECASTS, APRIL 2016 (MN B/D) OPEC SUPPLY & DEMAND FORECASTS, APRIL 2016 (MN B/D) NEGATIVE NUMBER INDICATES THAT OUTPUT IS MORE THAN THE CALL IM...
Volume: 59Issue: 15Published at Fri, 15 Apr 2016 -
Iraqi Downstream Data Highlights Deep Baiji Impact
...Iraqi refinery throughputs have been stuck at just over 400,000 b/d since the 310,000 b/d Baiji plant, the country’s largest, was overrun by Islamic State (IS) jihadists in June 2014. Though the plant was retaken by government forces in October it was badly damaged (MEES, 13 November 2015). No...
Volume: 59Issue: 13Published at Fri, 01 Apr 2016 -
Iran, Iraq & Saudi Step Up Battle For Market Share In Asia And Europe
...2015, up 854,000 b/d on 2014, whilst November and December 2015 and January 2016 were the three highest months on record with average volumes just shy of 3.9mn b/d (MEES, 11 March). With the key gains coming from the south of the country (see graph 1) it should be no surprise that the bulk of the ex...
Volume: 59Issue: 12Published at Fri, 25 Mar 2016